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AUSTIN-A year and a half after acquiring the 16-acre Lakeway Resort & Spa, Dallas-based Behringer Harvard has sold 5.8 acres to Vintage Fine Homes in an off-market deal. Sources say the local condo developer most likely paid $1 million to $3 million for the dirt.

The Vintage team plans to build 70 condos at 101 Lakeway Dr. The groundbreaking date wasn’t available prior to deadline.

Jason Mattox, executive vice president with Behringer Harvard, says the hotel and extra land were bought in early 2005 as a relatively short-term hold. “The land portion wasn’t expected to be held as long as the hotel property,” he says. Behringer Harvard last year launched a $15-million renovation at the resort, originally Lakeway Inn & Conference Center. The completion is scheduled for early 2007.

“As part of the renovation plan, a good bit of ground work went into the land we sold,” Mattox tells GlobeSt.com. Part of the site renovation involved a tear-down of 17 hotel bungalows built in the 1960s and land prep work.

Mattox says Vintage Fine Homes became the logical choice after the land was ready because of its track record. “We found the kind of buyer that would maintain the pristine surroundings of the lake area community,” Mattox adds. “We could get the best focus and redevelopment for the land while at the same time making sure the lake community was preserved.”

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